IssuerAnnouncementDetailsV2Portlet
Riyadh Development Company (ARDCO) announces a strategic partnership with FTG Development Group through the establishment of a real estate projects’ development management company
Element List | Explanation |
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Introduction | Riyadh Development Company (ARDCO) announces the signing of a strategic partnership agreement with the Turkish FTG Development Group with the aim of managing the development of real estate projects in the Kingdom |
Date of Announcement of the Award | 2024-12-16 Corresponding to 1446-06-15 |
Contract Subject Matter | Establishing a 50/50 limited liability company |
The Entity with Which the Contract was Signed | FTG Development Group |
Date of Signing the Contract | 2024-12-16 Corresponding to 1446-06-15 |
Contract Value | The contract value varies based on the value of the projects |
Contract Details | Establishing a limited liability company, with the aim of managing the development of real estate development projects in the Kingdom of Saudi Arabia. The partnership percentage in this new entity is 50% for each party, and this partnership was initiated with the appointment of the new entity as the development manager for a real estate investment fund with Sports Boulevard Company for Real Estate Development and Investment, Riyadh Development Company and FTG Development Group as investors in the fund that is managed by Jadwa Investment Company, with the aim of developing mixed-use towers project in the URBAN WADI at the intersection of King Fahd Road and Prince Mohammed bin Salman Road within the Sports Boulevard Project in Riyadh. With a total project value exceeding 3.5 billion Saudi riyals. |
Contract Duration | Indefinite Duration |
Financial Impact and the Relevant Period | It will be announced later and in due course. |
Related Parties | None |
Additional Information | Riyadh Development Company (ARDCO) launched its strategy at the beginning of the year 2023 under the theme of “Invest for Growth”, in which it defined its approach, which revolves around benefiting from value-added partnerships. The strategy defined its sectorial priorities, as it focused specifically on the real estate development sector and development management, represented in several sub-sectors of priority, including residential, offices and logistics real estate development, to keep pace with the rapid growth in the economy of the city of Riyadh and its projects. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.